Resolution of the Board of the National Bank of the Kyrgyz Republic No. 34/1 of 19 May 2010 on Amending Resolution of the Board of the National Bank of the Kyrgyz Republic No. 8/2 of 19 March 2010 on Approval of the Regulation on Required Reserves

REPEALED in accordance with resolution of the Board of the National Bank of the Kyrgyz Republic No. 2019-P-07/10-1 of 13 March 2019

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of 19 May 2010 No. 34/1

On Amending the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 8/2 of 19 March 2010 "On Approval of the Regulation "On Required Reserves"

In accordance with Articles 22 and 43 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. To introduce amendments to the resolution of the Board of the National Bank of the Kyrgyz Republic No. 8/2 of 19 March 2010 "On Approval of the Regulation "On Required Reserves" (attached).

2. To recognize as repealed paragraph 2 of the resolution of the National Bank of the Kyrgyz Republic No. 8/2 of 19 March 2010 "On Approval of the Regulation "On Required Reserves".

3. This resolution enters into force on 31 May 2010.

4. After official publication, the Legal Department shall send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Normative Legal Acts of the Kyrgyz Republic.

5. The Economic Department shall bring this resolution to the attention of structural subdivisions and commercial banks.

6. Control over the execution of this resolution shall be assigned to the Deputy Chairman of the National Bank of the Kyrgyz Republic Abdybaly tegin S.

Acting Chairman of the Board of the National Bank of the Kyrgyz Republic	Z. Chokoev

	Approved by resolution of the Board of the National Bank of the Kyrgyz Republic No. 34/1 of 19 May 2010

AMENDMENTS to the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 8/2 of 19 March 2010 "

On Approval of the Regulation "On Required Reserves"

To introduce the following amendments to the Regulation "On Required Reserves" approved by resolution of the Board of the National Bank of the Kyrgyz Republic No. 8/2 of 19 March 2010 "On Approval of the Regulation "On Required Reserves":

1. To exclude clause 2.3.

2. To restate clause 2.4 as follows:

"Calculation of required reserves is made according to the following formula:

(Sum OBt-1 - Sum At-1)

ORt = ------ * R, where:

Dt-1

ORt - required reserves in the current week;

OBt-1 - obligations of the commercial bank included in the calculation base for each day of the previous week;

At-1 - assets of the commercial bank by the amount of which, by decision of the Board of the National Bank, the calculation base is reduced, for each day of the previous week;

R - the amount of required reserves established by the Board of the National Bank;

Dt-1 - the number of working days in the previous week taken into account for calculating required reserves.".

3. In clause 2.6, to exclude the third and fourth sentences.

4. To restate clause 2.7 as follows: "When fulfilling ORT, the commercial bank is charged a fee for depositing required reserves. The amount of the fee for depositing required reserves with the National Bank is determined on the basis of the compensation rate established by the Board of the National Bank and the volume of required reserves.".

5. In clauses 3.1, 3.2 and Appendix 2, to exclude the words "(reduced required reserves)".

6. To restate Appendix 1 as follows:

	"Appendix 1 to the Regulation on Required Reserves approved by resolution of the Board of the NBKR No. 34/1 of 19 May 2010

CALCULATION

of reserves

for the period from ______ to ______

---

(name of the commercial bank)

	Obligations	Balance under form 36 of PRBO					Average for the week
Mon	Tue	Wed	Thu	Fri
1	Settlement (current) accounts
2	Demand deposits
3	Time deposits
4	Accounts and deposits of the Government of the Kyrgyz Republic and local authorities
5	Calculation base (1 + 2 + 3 + 4)
6	Deposits in foreign currency with the NBKR used for calculating required reserves
7	Total (5 - 6)
8	Required reserves

Notes: (*) Required reserves are calculated in accordance with clause 2.4 of this Regulation.

Shaded cells are not filled in.

Signature of the head of the commercial bank

Seal".